Gold Rate per Gram (in AED)
Disclaimer: The above-stated prices are subject to changes.
Dubai, a city known for its opulence and grandeur, has long held a deep-rooted significance and appreciation for gold. In this gleaming metropolis, gold is more than just a precious metal - it is an integral part of the city's culture and heritage. From bustling gold souks to extravagant jewellery stores, Dubai's affinity for gold is visible in every corner.
The significance of gold in Dubai can be traced back to its historical roots as a hub for trade and commerce. Over the years, the city has evolved into a global center for gold, attracting both buyers and traders from around the world.
The city has experienced remarkable growth in its gold imports, with a remarkable compound annual growth rate (CAGR) of 14% between 2017 and 2021, soaring from $29.2 billion to $48.7 billion. Simultaneously, total exports of gold from Dubai witnessed a substantial rise, boasting a CAGR of 17% during the same period, surging from $14.2 billion in 2017 to $26.3 billion in 2021.
Gold holds immense cultural value in Dubai, often symbolising prosperity, wealth, and prestige. It is not uncommon to witness ornate gold jewellery adorning locals and visitors alike, showcasing their status and enhancing their traditional attire. The city's gold markets offer an astonishing array of intricate designs, ranging from traditional to contemporary, catering to every taste and style, with variable Gold rates Dubai as well.
Whether as an investment, a token of love, or a cherished heirloom, gold holds a revered place in Dubai's culture, reflecting the city's enduring fascination with luxury and beauty.
You can Also Check Gold rate in UAE.
Internationally, the gold price is noted in US dollars. The gold tends to show an inverse relationship with the dollar. This implies that whenever the US dollar strengthens, the price of gold tends to go down and whenever the US dollar weakens, the price of gold tends to go up.
The gold rate in Dubai is affected by a variety of national and international factors, such as:
Since there are only a few nations that produce any significant gold, most of the countries import gold. The changes in tax rate and the import duties on gold can affect the gold price directly.
Many of the countries including European countries and the US have gold in the form of a reserve for the circulating paper currencies. The recent changes in demand for gold by such central banks have a deep impact on gold prices.
Countries such as the US, China and India are the main consumers of gold. During the festive seasons, economic growth and investment preferences of such countries affect the prices of gold.
Many new large scale mines of gold have come into operation in the past few years. The mining companies often tend to increase the gold price on the basis of their production cost. The effects of the same are reflected in the gold price in Dubai.
Many investors consider gold to be a safe investment in UAE that can also be used to hedge against deflation, inflation, currency devaluation, and economic recession.
In Dubai, gold is commonly available in different karatages including 18, 21, 22, and 24 karat. Dubai Gold Rates also vary with varied karatages. Here's a breakdown of what each karat represents:
When purchasing gold at today’s gold rate in Dubai, it's essential to understand the karat as it determines the gold purity and value of the item. Each karat offers different characteristics in terms of appearance, durability, and price, allowing buyers to choose based on their preferences and requirements.
Here are some handy tips to help you get the most suitable gold for yourself -
Remember, it's important to approach gold shopping with patience, knowledge, and a discerning eye. Take your time, ask questions, and make a well-informed decision based on your preferences, budget, and the reputation of the vendor.
Check out the table below for some pros and cons of buying gold in Dubai -
Competitive prices: Gold rates in Dubai are often competitive compared to other global markets, which can make it an attractive destination for purchasing gold.
Quality concerns: While Dubai has reputable vendors, there is also a risk of encountering counterfeit or low-quality gold. It's crucial to ensure the authenticity and purity of the gold before making a purchase.
Wide variety: Dubai offers a wide range of gold jewellery designs and styles, catering to different preferences and tastes.
Limited resale value: Gold bought in Dubai may have limited resale value in other countries, as it may not conform to local preferences or standards.
Tax-free purchases: Dubai imposes no value-added tax (VAT) on gold purchases, which can result in savings compared to countries with higher tax rates.
Currency fluctuations: The value of gold purchases in Dubai may be affected by currency exchange rates, which can impact the overall cost of the transaction.
Transparency and regulations: Dubai has stringent regulations and a well-established gold market, ensuring transparency in gold transactions and providing buyers with a certain level of confidence.
Customs restrictions: If you plan to take the purchased gold outside of Dubai, you may need to comply with customs regulations and potential import restrictions in your home country. This may have a significant impact on the overall Dubai gold rate.
Convenient shopping experience: Dubai's gold markets, such as the Deira Gold Souk, offer a vibrant and immersive shopping experience with numerous shops in one location, which allows buyers to explore various options in a single visit.
International warranty concerns: If you face any issues or require repairs or warranty services for your gold jewellery purchased in Dubai, accessing these services outside of Dubai may be challenging.
Determining the best time to buy gold can be challenging as the gold rate in Dubai is influenced by various factors such as global economic conditions, geopolitical events, and market sentiment. However, analysing the historical data of Dubai gold rate dating back to 1975 shows consistent patterns that can be advantageous for cost-conscious buyers. These patterns indicate that gold prices tend to experience a surge during the initial months of the year.
From March to August, for instance, the gold rate in Dubai tends to cool down. This presents potential opportunities for buyers looking for more favourable prices. However, the trend generally reverses in September, with Dubai gold rates picking up momentum and continuing to rise throughout October and November.
Based on this historical analysis, the optimal periods for purchasing gold would be early January, March, and early April. Alternatively, buyers can also consider the timeframe from mid-June to early July as a potential advantageous period for acquiring gold.
Note: These time frames are only suggestive. You should do real-time market research before buying gold in Dubai.
When it comes to buying gold in Dubai, there are several prominent markets that are known for their quality, authenticity, and competitive prices -
Here are some frequently asked questions related to Dubai gold rates
The gold price varies from the measurement unit. In the market for gold, different countries have different rules, habits and measurement units, which is why the measurement units for gold trading in the world are different. The following table lists common measurement units used in the international gold markets:
It is commonly used to measure the mass of precious metals such as gold.
1 troy ounce = 31.1034768 grams
It is a measure of mass that is mainly used for measuring precious metals in North America.
1 dwt = 1.55517384 grams
It is a metric system unit of mass.
1 gram = 0.001 kilogram
It is a traditional South Asian unit of mass. It is defined as a 3/8 troy ounce.
1 tola = 11.6638 grams (approx.)
It is commonly used in Hong Kong, Chinese, Southeast Asia, etc. It equals to about 50 grams or 1.607 troy ounces.
1 tael = 50 grams (in China)
1 tael = 37.799364167 grams (in Hong Kong)
1 tael = 37.5 grams (in Japan)
It is the foremost unit of weight for gold used in Thailand.
1 Baht = 15.244 grams
It is the traditional unit of measurement and is based on the weight of a grain of wheat.
1 grain = 0.0648 grams
The purity of gold is measured by Karat. High karat gold implies high purity. The different purities of gold are used to make different items of gold. Below mentioned, is the difference between 24 Karat, 22 Karat, and 18 Karat gold.
A 24 Karat Gold is 100% pure. It does not have any other metal mixed. In the market, it is referred to like 99.9% pure and the color of a 24K gold is bright yellow. 24K gold is more expensive as compared to a 22K or 18K gold. the texture is soft and pliable, which is why it is not used in making regular jewelry. It’s used to make bars, coins and even used in medical and electronic devices.
The 22 Karat gold is commonly used in making jewelry. In this, 22 parts of the metal are gold and the other 2 are metals like silver, nickel, zinc, and other alloys. In the market, it is known as 91.67% pure gold. The mixing of alloys makes the gold texture hard which helps in the durability of the jewelry.
The 21 Karat gold comprises of 87.5% of pure gold mixed with 12.5% of other metals.
The 18 Karat gold contains 75% of gold mixed with 25% of other metals such as silver, copper, and other alloys. This is commonly used in making jewelry that is stone studded and other diamond jewelry. It is more affordable as compared to 22K or 24K gold.
Gold Rate in Dubai per gram
Gold Rate in India per gram
Disclaimer: The prices mentioned are updated as of Monday, June 15, 2020 and are subject to changes.
The purity of gold that is retailed in Dubai is ensured by the DCLD – Dubai Central Laboratories Department by awarding the retailer with a Bareeq Certification. The assessment procedure is as follows:
The DCLD’s inspection is supplemented by the voluntary certification. Generally, the inspection by authorities takes place thrice a year. Certification is awarded to stores that follow fair and true practices for jewelry trading. There are many ways to check the purity for the gold bought, such as:
You can Also Check Gold rate in Abu Dhabi
Below are 5 reasons why it is a good idea to buy gold online:
Regardless of the increase or decrease in the gold price in Dubai, the gold shops are flooded with customers who are not just looking for pieces of jewelry but also for a smart investment mechanism with the help of gold bars or coins.
Raw gold or gold biscuits are made with the 24K gold i.e., the purest form of gold. This is because the texture of pure gold is pliable and soft and therefore, it cannot be used in making pieces of jewelry. The jewelry is usually made out of 22K or 18K gold. Since 22K or 18K gold is more affordable as compared to the pure gold i.e., 24K gold, there is a difference in the prices of gold jewelry and gold biscuits or raw gold.
Gold has been since forever a precious metal and people from all around the globe want to save and invest in gold. When it comes to purchasing gold, Dubai is a paradise for gold-buyers, it is also referred to as the ‘City of Gold’ because of the large amount of gold it handles. People prefer purchasing gold from Dubai because of attractive prices.
Tourists can purchase gold in Dubai. However, the amount of gold that can be purchased depends on the country the tourist is residing in. Each country has a set allowance on how much gold can be brought back, both weight-wise and cost-wise.
The physical properties of gold make it the ultimate material for use in an extensive range of electronic applications. These properties are:
The term “carat” is a measurement unit of mass. Normally, gemstones and diamonds are measured using carat and the higher the value of carat, the higher the price of the stone. “Karat” is a measure of purity with respect to gold. The common values for karat are 24K, 22K, 18K and so on. The higher the karat value, the higher the gold price.
The daily changes in the rate of gold are mainly due to the economic and political factors occurring across the globe.
Jewelry pieces cannot be made out of 24K gold or pure gold because the texture of pure gold is soft and pliable. This softness allows gold to be ductile and malleable. Therefore, if used in a piece of jewelry, 24K gold can easily be deformed and lose the grip on a jewel allowing it to fall out of the ornament.
The following factors should be considered before buying gold online:
The following are the reasons why Expats should consider buying gold in Dubai: